The Formula One Teams Association (FOTA) has announced its decision to disband after members "re-evaluated their requirements".

Last week reports suggested FOTA was on the verge of collapse due to "substantial" financial problems, a lack of agreement on a new mandate, as well as issues stemming from the departure of chairman Martin Whitmarsh. FOTA was set up in 2008 to give teams a united voice in their discussions with the FIA and The Formula One Group regarding their future in the sport.

In recent years, FOTA's authority had been diminished as Red Bull, Ferrari and Sauber pulled out in December 2011. On Friday FOTA Secretary General Oliver Weingarten officially tweeted the news.

I can confirm that FOTA has today been disbanded as a result of its members' having re-evaluated their requirements 1/2